GITNUX MARKETDATA REPORT 2024

Chatbot Industry Statistics

The chatbot industry is forecasted to grow steadily, with an estimated market size reaching over $1.3 billion by 2024, driven by the increasing demand for automated customer service solutions and advancements in AI technology.

Highlights: Chatbot Industry Statistics

  • 67% of US millennials said they are likely to purchase products and services from brands using a chatbot.
  • 64% of internet users say 24-hour service is the best chatbot feature.
  • By the end of 2020, average saving per chatbot interaction for messaging and healthcare, in particular, will reach $0.70 per interaction.
  • There is an 80% rise in sales after implementing chatbots.
  • 15% of shoppers have interacted with a chatbot over the past year.
  • The average interaction duration is 1 minute, 38 seconds (median), while the average conversation steps are 8 (median).
  • About 63% of people prefer talking to a chatbot to communicate with a business or brand.
  • The highest use of chatbots is in America with 36%, followed by Europe, the Middle East, and Africa with 29%, and Asia with 13%.
  • It is projected that by 2022, chatbots will help businesses save over $8 billion per year.
  • Chatbots have led to customer satisfaction levels of 88% in the banking sector.
  • By 2020, over 50% of medium to large enterprises will have deployed product chatbots.
  • 40% of consumers do not care whether a chatbot or a real human helps them, as long as they are getting the help they need.
  • 69% of consumers prefer chatbots for quick communication with brands.
  • 35% of the customers want to see more companies using chatbots.

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The Latest Chatbot Industry Statistics Explained

67% of US millennials said they are likely to purchase products and services from brands using a chatbot.

The statistic suggests that a majority of millennials in the United States, specifically 67%, are willing to make purchases from brands that utilize chatbots for interacting with customers. This indicates a potential trend or shift in consumer behavior among this demographic, showing a willingness to engage with automated systems for shopping purposes. It implies that brands incorporating chatbots into their marketing and customer service strategies may have a competitive edge in targeting and appealing to millennial consumers who value convenience, efficiency, and innovative ways of interacting with brands.

64% of internet users say 24-hour service is the best chatbot feature.

The statistic reveals that a majority of internet users, specifically 64%, consider 24-hour service as the most important feature of a chatbot. This suggests that users value the convenience and availability of round-the-clock assistance when engaging with chatbots. The finding highlights the significance of providing continuous support to meet the needs and expectations of internet users who rely on chatbots for various services and information. Brands and businesses looking to improve their chatbot services should prioritize offering 24-hour support to cater to the preferences of their target audience and enhance the overall customer experience.

By the end of 2020, average saving per chatbot interaction for messaging and healthcare, in particular, will reach $0.70 per interaction.

Based on the given statistic, it is expected that by the end of 2020, the average savings per chatbot interaction for messaging and healthcare industries will amount to $0.70. This statistic suggests that the utilization of chatbots in these sectors is leading to cost savings per interaction, indicating increased efficiency and effectiveness in providing services. The $0.70 average savings per interaction reflects the reduction in operational costs associated with customer service or healthcare-related inquiries for businesses that have integrated chatbot technology into their operations. This trend highlights the potential benefits of utilizing chatbots in improving customer engagement and streamlining processes in these specific industries.

There is an 80% rise in sales after implementing chatbots.

The statistic ‘There is an 80% rise in sales after implementing chatbots’ indicates that the introduction of chatbots in the sales process has led to a significant increase in sales volume. Specifically, the data suggests that sales have grown by 80% since the implementation of chatbots, likely due to improved customer engagement, more efficient communication, and personalized assistance provided by these automated tools. This statistic highlights the positive impact of chatbots on enhancing the effectiveness of sales strategies and ultimately driving revenue growth for businesses.

15% of shoppers have interacted with a chatbot over the past year.

This statistic indicates that 15% of shoppers have engaged with a chatbot within the last year. Chatbots are automated software programs designed to simulate conversation with human users, typically used for customer service or providing information. The fact that nearly one-sixth of shoppers have interacted with a chatbot suggests that this technology is becoming increasingly prevalent in the shopping experience. Chatbots can offer quick responses and assistance, potentially improving customer satisfaction and efficiency for businesses. Understanding this statistic can help businesses recognize the importance of integrating chatbot technology to meet the needs and preferences of their customers.

The average interaction duration is 1 minute, 38 seconds (median), while the average conversation steps are 8 (median).

This statistic suggests that in a given dataset, the midpoint of interaction durations among all observations is 1 minute and 38 seconds, indicating that half of the interactions lasted for less than this time while the other half lasted longer. In contrast, the midpoint of conversation steps in the dataset is 8, suggesting that half of the interactions had fewer than 8 steps involved while the other half had more. This information provides insight into the typical duration and complexity of interactions within the dataset, highlighting a split in the distribution of both interaction duration and conversation steps.

About 63% of people prefer talking to a chatbot to communicate with a business or brand.

The statistic stating that about 63% of people prefer talking to a chatbot to communicate with a business or brand indicates a growing acceptance and adoption of artificial intelligence technology in customer service settings. This preference may be driven by the convenience, immediate response, and 24/7 availability that chatbots offer compared to traditional communication channels. By embracing this trend, businesses can streamline customer interactions, reduce response times, and potentially improve overall customer satisfaction levels. However, it is essential for businesses to continuously improve their chatbot capabilities to ensure seamless and effective communication that meets customers’ expectations and needs.

The highest use of chatbots is in America with 36%, followed by Europe, the Middle East, and Africa with 29%, and Asia with 13%.

This statistic indicates that the highest proportion of chatbot usage is in America, accounting for 36% of the total usage. Following America, Europe, the Middle East, and Africa collectively make up 29% of the chatbot usage, indicating that these regions have adopted chatbot technology to a significant extent as well. Lastly, Asia has the lowest proportion of chatbot usage at 13%. This distribution suggests that chatbots are more commonly used and integrated into various industries and services in America compared to other regions, with Europe, the Middle East, and Africa also showing a strong adoption rate. Asia, on the other hand, appears to have a lower level of integration or acceptance of chatbot technology compared to the other regions mentioned.

It is projected that by 2022, chatbots will help businesses save over $8 billion per year.

The statistic indicates that by the year 2022, businesses are expected to save a significant amount of money, totaling over $8 billion annually, as a result of implementing chatbots. Chatbots are automated software programs designed to interact with customers and provide assistance, streamlining customer service processes and reducing the need for human intervention. By utilizing chatbots effectively, businesses can reduce operational costs, improve efficiency, and enhance customer satisfaction. The projection of saving over $8 billion per year suggests that chatbot technology is becoming increasingly valuable and widespread in the business sector, with a tangible impact on cost savings and overall business performance.

Chatbots have led to customer satisfaction levels of 88% in the banking sector.

The statistic ‘Chatbots have led to customer satisfaction levels of 88% in the banking sector’ implies that the implementation of chatbot technology in the banking industry has resulted in a significantly high level of satisfaction among customers. This statistic suggests that customers are largely content with the service provided by chatbots, indicating that they are quickly becoming a preferred communication channel for handling common queries and transactions in the banking sector. The high satisfaction level of 88% not only underscores the effectiveness and efficiency of chatbots in meeting customer needs but also highlights the potential for further advancements in customer service through the integration of such AI-powered tools in the banking industry.

By 2020, over 50% of medium to large enterprises will have deployed product chatbots.

The statistic “By 2020, over 50% of medium to large enterprises will have deployed product chatbots” indicates a significant trend towards the adoption of chatbot technology within the business sector. Chatbots are AI-driven software programs designed to simulate conversation with human users and are increasingly being used by companies to automate customer service, sales, and support functions. The statistic suggests that a majority of medium to large enterprises will have incorporated chatbots into their operations by the year 2020, showcasing a widespread recognition of the potential benefits that chatbots can offer in enhancing efficiency, customer engagement, and overall business performance.

40% of consumers do not care whether a chatbot or a real human helps them, as long as they are getting the help they need.

The statistic “40% of consumers do not care whether a chatbot or a real human helps them, as long as they are getting the help they need” indicates a significant portion of consumers prioritize receiving assistance efficiently and effectively, regardless of whether it comes from a chatbot or a human agent. This suggests that for this subgroup of consumers, the key factor is the outcome of receiving the help they need rather than the means through which it is delivered. This finding highlights the importance of providing seamless and satisfactory customer service experiences through both automated and human channels to cater to varying preferences and needs among consumers.

69% of consumers prefer chatbots for quick communication with brands.

The statistic that 69% of consumers prefer chatbots for quick communication with brands indicates that a significant majority of consumers find chatbots to be a favorable option for interacting with companies. This suggests a preference for the speed and convenience that chatbots offer in addressing customer inquiries and providing information. The high percentage indicates a strong trend among consumers towards embracing chatbot technology as a means of efficient communication with brands, potentially highlighting the growing importance of integrating chatbots into customer service strategies to meet the evolving demands of the market.

35% of the customers want to see more companies using chatbots.

The statistic stating that 35% of customers want to see more companies using chatbots suggests a significant proportion of individuals who desire increased implementation of chatbot technology in businesses. This suggests a growing interest and acceptance of chatbots as a tool for enhancing customer service, engagement, and overall user experience. By leveraging chatbots effectively, companies can potentially meet the needs and preferences of a considerable segment of their customer base, ultimately leading to increased satisfaction, efficiency, and competitiveness in the market.

Conclusion

Overall, the chatbot industry continues to show promising growth and adoption, with statistics highlighting the increasing usage and benefits of chatbots across various industries. As businesses and consumers alike leverage this technology for improved customer service, efficiency, and engagement, the future of chatbots looks bright. Stay tuned for more updates and insights as the industry evolves.

References

0. – https://www.www.feedough.com

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2. – https://www.venturebeat.com

3. – https://www.www.ibm.com

4. – https://www.www.salesforce.com

5. – https://www.www.ubisend.com

6. – https://www.chatbotslife.com

7. – https://www.www.cognizant.com

8. – https://www.www.narvar.com

9. – https://www.blog.adobe.com

10. – https://www.www.juniperresearch.com

11. – https://www.www.drift.com

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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